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Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

  

The carrying value of goodwill was $0 as of September 30, 2023 and $1,190,000 as of December 31, 2022, respectively. We fully impaired goodwill due to delays in implementing our business model, resulting in a $1,190,000 impairment charge for the nine months ended September 30, 2023. No additional goodwill has been recognized.

 

The following tables summarize information relating to the Company’s identifiable intangible assets as of September 30, 2023 and December 31, 2022:

 

   September 30, 2023
   Estimated  Gross   Accumulated       Carrying 
   Useful Life  Amount   Amortization   Impairment   Value 
Amortized                   
Patent  120 months  $873,263   $(174,653)  $(698,610)  $
-
 
Internal use software  26 months   148,219    (34,204)   
-
    114,015 
In-process research and development  104 months   3,209,000    (254,567)   (2,954,433)   
-
 
Total identifiable intangible assets     $4,230,482   $(463,424)  $(3,653,043)  $114,015 

 

   December 31, 2022
   Estimated
Useful Life
  Gross
Amount
   Accumulated
Amortization
   Carrying
Value
 
Amortized               
Patent  120 months  $873,263   $(130,989)  $742,274 
In-process research and development  104 months   3,209,000    (69,675)   3,139,325 
Indefinite-lived                  
Internal use software 
Pending
   98,983    
-
    98,983 
Total identifiable intangible assets     $4,181,246   $(200,664)  $3,980,582 

 

Amortization expense was $17,102 and $262,761 for the three and nine months ended September 30, 2023, respectively, and was $21,832 and $65,495 for the three and nine months ended September 30, 2022, respectively.

 

Years ending December 31,  Amount 
2023 (remainder of year)   17,103 
2024   68,412 
2025   28,500 
    114,015